Zeke Faux's Crypto Adventures and His Relationship With Former FTX CEO SBF - Ep. 545
Sep 19, 2023
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Zeke Faux, author of 'Number Go Up,' shares his journey into the world of crypto, investigating the bizarre and risky aspects of the financial revolution. Topics include Tether's investigation, SBF's approach to risk management, pig butchering scams in Cambodia, and the irrationality of projects like STEPN and Axie Infinity.
The prevalent mindset in the crypto industry is centered around the 'number go up' philosophy, prioritizing price appreciation above all else.
The investigation into Tether revealed doubts and suspicions surrounding its asset claims, but no concrete evidence of wrongdoing was found.
The podcast highlights the dark reality of crypto scams and human trafficking, emphasizing the need for continued efforts to combat criminal activities in the industry.
Deep dives
The Number Go Up Philosophy in Crypto
Throughout the podcast episode, the speaker discusses the prevalent mindset in the crypto industry, often referred to as the 'number go up' philosophy. This philosophy emphasizes the belief that the primary goal in crypto is for prices to increase, regardless of the underlying business plans or strategies. The speaker highlights how many individuals and companies in the industry may claim to have different intentions, but ultimately, their success is tied to price appreciation. This philosophy is exemplified by Alameda, a company whose business plan is ultimately centered on the price of assets increasing.
Exploring the Tether Controversy
The podcast delves into the controversy surrounding Tether, a widely used stablecoin. The speaker initially intended to investigate the company and its claim that each coin was backed by real dollars held in a bank. However, the investigation hit several dead ends and did not uncover a smoking gun. The speaker discusses the doubts and skepticism surrounding Tether's asset claims, as well as concerns about its potential use in illicit activities. Despite these suspicions, Tether has continued to grow and become one of the most profitable companies in the world, with a valuation of over $80 billion.
The Dark Side of Crypto Scams
The podcast episode sheds light on the dark reality of crypto scams and human trafficking. The speaker describes visiting scam compounds in Cambodia, where individuals are trafficked and forced to work in crypto scams. These compounds prey on vulnerable individuals who are promised well-paying jobs but end up trapped and exploited. The speaker discusses the challenges faced in investigating these compounds, including corruption and a lack of government intervention. The role of Tether is also explored, as it has been identified as a commonly used currency in these scams. The episode underscores the need for continued investigation and action to combat these criminal activities in the crypto industry.
Investigating the pitfalls of the crypto world
The podcast episode delves into the author's personal experiences investigating various aspects of the crypto world. It explores the challenges, risks, and questionable practices prevalent in the industry. From encounters with alleged frauds and scams to exploring the dark side of NFTs and crypto investments, the author provides firsthand accounts of the extremes found in the crypto space.
The author's perspective on the crypto adventure
The author discusses their motivations for writing about the crypto world, highlighting the excitement and intensity of the subject matter. They express their enthusiasm for writing a compelling adventure story that captures the unique experiences and events they encountered while immersing themselves in the crypto industry. Despite initial concerns about another author writing a book on the same topic, the author reflects on the captivating nature of their own crypto journey and the pride they feel for documenting it in their book.
Zeke Faux, author of 'Number Go Up,' shares his findings after making a deep dive into the world of crypto. From skepticism to a full-blown investigation, Faux recounts his journey that led him to the heart of crypto, meeting some of the most eccentric characters in the industry. As a Bloomberg investigative reporter, Faux brings a critical eye to the crypto sphere, unearthing the bizarre, the risky, and the downright astonishing facets of what the crypto community calls a financial revolution.